Mileage allowances – What can you pay tax-free? Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be…
Pension changes In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Annual allowance The annual allowance places a cap…
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a degree of choice whether they take a capital gains tax hit or their beneficiaries pay…
In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income distributions and taxed accordingly. However, payments made to shareholders where the company is being liquidated…
The corporation tax rules are changing from 1 April 2023, and the amount that a company will pay will depend on the level of its profits, also whether or not it has any associated companies. Briefly, from 1 April 2023,…